Following the recent and much needed cash injection which has been received by ailing electronic trading firm London Capital Group (LCG) this month which came about as Charles-Henri Sabet took the reins, the company waves goodbye to CEO Kevin Ashby.
In a document published by the London Stock Exchange today, LCG (LCG:L) had made the announcement regarding Mr. Ashby’s resignation as CEO and a director of the Company.
He became Chief Executive in July 2013 and introduced Charles-Henri Sabet to the company. Mr. Sabet has recently become Chairman, and is leading a group of investors in the Company, as announced earlier in the year.
According to the corporate statement, Mr. Ashby has decided that it is an appropriate time to resign and concentrate on his other business interests. The Board of directors has thanked Kevin for his work for the company and wishes him well in the future.
One week ago, Mr. Sabet took up his position as Chairman following regulatory approval by the Financial Conduct Authority (FCA) with regard to his proposed financing initiative for the company, which is aimed to put an end to the sustained period of negative revenues and secure the company’s future.
Last year, several high profile companies considered the acquisition of LCG, including GAIN Capital, Cantor Fitzgerald Europe and City Index, all of whom retracted their interest leaving the company to strive on for another year until Mr. Sabet stepped up with an initative to raise approximately $17.5 million.